Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Traders work on the floor of the New York Stock Exchange on February 10, 2014 in New York City/AFP

World

US stocks dip on disappointing housing data

 Traders work on the floor of the New York Stock Exchange on February 10, 2014 in New York City/AFP


Traders work on the floor of the New York Stock Exchange on February 10, 2014 in New York City/AFP

NEW YORK, Feb 19 – US stocks Wednesday opened lower after data showed an unexpectedly big decline in new home construction and building permits in January.

Five minutes into trade, the Dow Jones Industrial Average fell 30.21 (0.19 percent) to 16,100.19.

The broad-based S&P 500 dipped 3.94 (0.21 percent) to 1,836.82, while the tech rich Nasdaq Composite Index lost 7.72 (0.18 percent) at 4,265.07.

Housing starts sank 16.0 percent from December to a seasonally adjusted annual rate of 880,000, the Commerce Department said, well below analyst forecasts of 963,000.

Building permits dropped 5.4 percent to 937,000, below the 980,000 forecast.

Analysts have somewhat downplayed economic data for December and January, believing that unusually cold weather in much of the US has depressed economic activity.

“From our vantage point, we think the housing starts report suggests weather did have some undue impact, but that the weakness was not all weather-related,” said Briefing.com analyst Patrick O’Hare.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...